Commerce 2015 Jamb Examination
Question 41
The principle of subrogation stated that
The principle of subrogation allows an insurance company, after compensating the insured, to take over the insured''s legal rights to recover from a third party responsible for the loss. This ensures the insured does not benefit twice from the same loss and the insurer recovers its payout.
Not clear enough?
Question 42
Calculate the value of the unused stock
Closing stock for the year of an accounting period is also regarded as unused stock.
Not clear enough?
Question 43
\[
\begin{array}{|l|r|}
\hline
\text{Opening Stock} & 50,000 \\
\text{Purchases} & 200,000 \\
\text{Sales} & 350,000 \\
\text{Closing Stock} & 80,000 \\
\hline
\end{array}
\]
What is the cost of good sold?
Cost of Goods Available for Sale\[ = \text{Opening Stock} + \text{Purchases} \]
\[ = 50,000 + 200,000 = 250,000\]
Cost of Goods Sold = Cost of Goods Available for Sale - Closing Stock
\[ = 250,000 - 80,000 = 170,000\]
\[ \boxed{C.\; N170,000}\]
Not clear enough?
Question 44
| N | N | |
|---|---|---|
| Capital 8000 | Plant and machinery 5000 | |
| Net profit 4000 | Motor van 4500 | |
| Drawings 200 | Stock 2000 | |
| Creditors 2000 | Debtor 1000 | |
| Accruals 300 | Bank 100 | |
| Cash 600 | ||
| 14100 | 14100 |
What is the current ratio?
Current ratio is calculated as Current Assets ÷ Current Liabilities. Current liabilities are Creditors (₦2,000) and Accruals (₦300), totaling ₦2,300. Explicit current assets are Stock (₦2,000), Debtors (₦1,000), Bank (₦100), and Cash (₦600), totaling ₦3,700.
Since total assets should equal ₦14,100 but listed assets sum to ₦13,200, a missing asset of ₦900 is assumed to be current. Total current assets become ₦4,600, so the current ratio = 4,600 ÷ 2,300 = 2 : 1.
Not clear enough?
Question 45
| Name | Insured Amount | Actual Value | Actual Loss |
|---|---|---|---|
| Mr A | 30,000 | 100,000 | 40,000 |
| Mr B | 40,000 | 120,000 | 50,000 |
| Mr C | 50,000 | 150,000 | 70,000 |
If Mr A takes a fire insurance policy with average clause, his compensation will be
\[ \text{Compensation}
= \dfrac{\text{Insured Amount}}{\text{Actual Value}} \times \text{Actual Loss}\]
\[ = \dfrac{30,000}{100,000} \times 40,000\]
\[ = 0.3 \times 40,000 = 12,000\]
\[ \boxed{C.\; N12,000}\]
Not clear enough?
Question 46
Specialization refers to committing resources to the production of relatively few goods or services to increase efficiency and expertise. Correct option is B.
Not clear enough?
Question 47
The measure of independence available to the individual business units that come together is the main difference between
In a merger, two or more business enterprises come together to form one big entity and may retain some level of independence, while an acquisition is a total take over of a firm usually by a bigger firm.
Not clear enough?
Question 48
DASD stands for Direct Access Storage Device, a type of permanent storage used in computing. Correct option is D.
Not clear enough?
Question 49
Commercial activities thrived in Nigeria due to proper storage systems which allowed goods to be preserved and traded efficiently. Correct option is A.
Not clear enough?
Question 50
The Second Tier Securities Market in Nigeria is specifically established for the trading of securities of small and medium-sized enterprises. Correct option is B.
Not clear enough?
You might like
Copper of 0.2g and silver of 1.2g are deposited when current is passed through copper and silver voltameter. Calculate the electrochemical equivalent, Z of silver if that of copper is 0.00028gC\(^{-1}\)
A motorcycle of mass 100 kg moves round in a circle of radius 10 m with a velocity of 5 m·s⁻¹. Find the coefficient of friction between the road and the tyres.
A hydrometer of mass y kg and volume 2y × 10−5 m3 floats in a fluid with 20% of its volume above the fluid. What is the density of the fluid?
The Mendelian law of segregation states that the characteristics which is hidden in an F1, reappears in F2 generation in a ratio
A person can focus objects when they lie beyond 75 cm from his eyes. The focal length of the lens required to reduce his least distance of distinct vision to 25 cm is?